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© 2018 Novavax, Inc. All rights reserved. NASDAQ:NVAX April 4, 2018 Novavax NanoFlu vaccine induced improved immune responses against homologous and drifted A(H3N2) viruses in older adults compared to egg-based, high-dose, influenza vaccine World Vaccine Congress

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© 2018 Novavax, Inc. All rights reserved. NASDAQ:NVAX

April 4, 2018

Novavax NanoFlu vaccine induced improved immune responses against homologous and drifted A(H3N2) viruses in older adults compared to egg-based, high-dose, influenza vaccineWorld Vaccine Congress

2

Outline

The need for an improved flu vaccine

The nanoparticle vaccine and Matrix-M adjuvant

Broadly cross-reactive A(H3N2) immune responses in ferrets

Phase 1/2 trial design

Phase 1/2 data

Conclusions

Two critical problems undermine seasonal influenza VE:1) Classical antigenic drift (long-standing):

• Exemplified by poor VE during 2014-15 US flu season2 (emergence of A/Switzerland H3N2)

2) Egg-adaptive antigenic changes (recently recognized):• Exemplified by poor A(H3N2) VE during 2017-18 US flu season in spite of an apparent “match”3

• Existence of well-characterized egg-adaptive mutations in HA antigenic epitopes (T160K)4

• Problematic given that 87% of flu vaccines deployed in the US are produced in eggs5

Compounding effect of both problems likely contributed to recent poor A(H3N2) VE noted during the 2017 influenza season in Australia

• A level of drift likely present with the emergence of A/Singapore-NFIMH (H3N2)-like viruses, though not rising to the strict definition of “drift” by WHO6

• A significant concomitant impact of egg-adaptive antigenic changes was observed

CAN WE DO BETTER?Broader protection? Eliminate egg-adaptive changes?

3

Why do we need a better seasonal influenza vaccine?

Consistently suboptimal seasonal influenza vaccine effectiveness (VE) in recent years1, notably in the context of:

A(H3N2) Older adultsviruses

1. Russell Vaccine 2018.2. MMWR June 20153. MMWR Feb 20184. Zost PNAS 20175. CDC Influenza Grand Rounds Jan 20186. VRBPAC Feb 2018

Playing catch-up and does “one strain fit all”? Rapid evolution and diversity of A(H3N2) viruses

4

Adapted from CDC Grand Rounds. January 18, 2018. https://www.cdc.gov/cdcgrandrounds/archives/2018/January2018.htm

4 CDC collaboration with NextFlu. Neher, Bedford etal.

Most common in Australia summer ‘17

2009 2010 2011 2012 2013 2014 2015 2016 2017

Epitope Changes

1 15Number of significant changes to important

regions of the hemagglutinin gene

= Vaccine Viruses

A/Singapore

A/Hong Kong

A/Switzerland

A/TexasA/Victoria

A/Perth

Most common in U.S. 17/18 season

Playing catch-up and does “one strain fit all”? Rapid evolution and diversity of A(H3N2) viruses

5

Adapted from CDC Grand Rounds. January 18, 2018. https://www.cdc.gov/cdcgrandrounds/archives/2018/January2018.htm

5 CDC collaboration with NextFlu. Neher, Bedford etal.

Most common in Australia summer ‘17

2009 2010 2011 2012 2013 2014 2015 2016 2017

Epitope Changes

1 15Number of significant changes to important

regions of the hemagglutinin gene

= Vaccine Viruses

A/Singapore

A/Hong Kong

A/Switzerland

A/TexasA/Victoria

A/Perth

Most common in U.S. 17/18 season

Circulating H3N2 viruses present in 2017-18 Season

The nanoparticle influenza vaccine and Matrix-M adjuvant

• Recombinant hemagglutinin (HA) nanoparticle vaccine• Baculovirus/Sf9 insect cell system• Express recombinant, full-length, wild-type HA that assembles into HA homotrimers• Purified HA homotrimers form higher order nanoparticle structures of 20-40 nm • 2 to 9 HA homotrimers per nanoparticle held together by hydrophobic interactions• Rapid, high-yield, high purity, production process

• Potent saponin-based Matrix-M adjuvant• Extracted from bark of Quillaja saponaria Molina• Enhancement of activated T cell, B cell, and APC

populations• Induction of functional, and broadly cross-reactive

antibodies• Induction of polyfunctional T cells, both CD4+ and CD8+• Antigen sparing in the context of pandemic influenza

6

7

In ferrets, tNIV induced broadly cross-neutralizing immune responses to drifted A(H3N2) viruses

4096

1024

256

64

16

4

50%

MN

Tite

rs (L

og2)

NIV + Matrix MFluzone HDFluzone QIV

Novel hemagglutinin nanoparticle influenza vaccine with Matrix-M™ adjuvant induces hemagglutination inhibition, neutralizing, and protective responses in ferrets against homologous and drifted A (H3N2) subtypes

G Smith, Y Liu, et al.Vaccine 35 (2017) 5366-5372

• Conducted in U.S.1 across 3 sites in North Carolina• 330 clinically-stable adults ages ≥60 years• Randomized 1:1:1, stratified by age (60-74, and 75+)• Single IM dose on day 0 of:

• tNIV: 15µg each HA (45µg total) + 50µg Matrix-M, or• tNIV: 60µg each HA (180µg total) + 50µg Matrix-M, or• Licensed egg-based high-dose (180µg total), trivalent, inactivated influenza vaccine (IIV3-HD)(Fluzone-HD)

• Day 21 rescue dose of IIV3-HD or placebo• All 3 vaccines included 2017-18 WHO recommended NH strains:

• A/Michigan (H1N1); A/Hong Kong (H3N2); B/Brisbane

• Objectives• Safety: assessed through Day 21• Immunogenicity: HAI and MN against vaccine-homologous and drifted H3N2 strains through Day 21

Phase 1/2 trial design

1. Clinicaltrials.gov NCT#03293498

8

N 109 111 110Mean age (SD) 69 (6.3) 68 (6.2) 69 (6.1)

Median age 68 67 69

Count (%) ≥65 y.o. 73 (66.9) 76 (68.4) 79 (71.8)

Count (%) ≥75 y.o. 19 (17.4) 20 (18.0) 20 (18.2)

%M / % F 46.8/53.2 45.9/54.1 48.2/51.8

Race/Ethnicity

White (%) 83.5 88.3 90.0

Black/African American (%) 15.6 11.7 8.2

All other (%) 0.9 0 0.9

Self-identified as Hispanic (%) 0.9 0.9 0.9

Flu vaccine in 2016-17 (%) 95 (87.2) 94 (84.7) 93 (84.5)

Any flu vaccine w/i 3 yrs (%) 102 (93.6) 101 (91.0) 102 (92.7)

9

Demographic data

45µg tNIV HA + MxM 180µg tNIV HA + MxM IIV3-HD (Fluzone HD)Variable

N 109 111 110Counts (%) of Subjects with Events

Any treatment emergent adverse event (TEAE)

40 (37%) 52 (47%) 51 (46%)

Any Solicited TEAE 30 (28%) 37 (33%) 38 (35%)

Local solicited 15 (14%) 26 (23%) 30 (27%)

Severe local solicited 2 (2%) 0 (0%) 1 (1%)

Systemic Solicited 23 (21%) 24 (22%) 20 (18%)

Severe systemic solicited 2 (2%) 4 (4%) 0 (0%)

Unsolicited TEAE 22 (20%) 24 (22%) 20 (18%)

Severe unsolicited 0 (0%) 2 (2%) 1 (1%)

Severe & related unsolicited 0 (0%) 0 (0%) 1 (1%)

Medically-attended unsolicited 9 (8%) 6 (5%) 2 (2%)

Serious adverse events (SAEs) 0 (0%) 1 (1%) 0 (0%)

10

Top-line safety data

45µg tNIV HA + MxM 180µg tNIV HA + MxM IIV3-HD (Fluzone HD)Safety events (thru 21 days)

61.0

127.0

58.0

159.0

62.0

116.0

69.0

146.0

66.0

210.0

65.0

171.0

58.0

87.0

55.0

106.0

54.0

109.0

0

50

100

150

200

250

Day 0 Day 21 Day 0 Day 21 Day 0 Day 21 Day 0 Day 21 Day 0 Day 21 Day 0 Day 21 Day 0 Day 21 Day 0 Day 21 Day 0 Day 21

HAI antibody responses (GMTs) against wild-type vaccine-homologous strains (2017-18)

Geo

met

ric M

ean

Tite

r (G

MT)

11

45µg NanoFlu 180µg NanoFlu IIV3-HD 45µg NanoFlu 180µg NanoFlu IIV3-HD 45µg NanoFlu 180µg NanoFlu IIV3-HDA/HongKong H3N2 A/Michigan H1N1 B/Brisbane

HAI antibody response (GMFRs) against wild-type vaccine-homologous strains (2017-18)

12

2.1

2.7

1.92.1

3.2

2.6

1.5

1.92.0

0

1

2

3

4

45µg NanoFlu 180µgNanoFlu

IIV3‐HD 45µg NanoFlu 180µgNanoFlu

IIV3‐HD 45µg NanoFlu 180µgNanoFlu

IIV3‐HD

A/HongKong H3N2 A/Michigan H1N1 B/Brisbane

Geo

metric

 Mean Fold Tite

r Rise (95%

 CI)

Ratio of Day 21 GMTs47% ↑ p=0.0056

2.3

3.4

2.3 2.2

3

2.22.5

3.9

2.5

2.1

2.7

1.92.2

3.1

1.9

0

1

2

3

4

5

HAI antibody responses (GMFRs) against 5 generations of drifted wild-type A(H3N2) strains

Ratio of Day 21 GMTs38% ↑ p=0.0058

Ratio of Day 21 GMTs28% ↑ p=0.036

Ratio of Day 21 GMTs54% ↑ p=0.0065

Ratio of Day 21 GMTs47% ↑ p=0.0056

Ratio of Day 21 GMTs64% ↑ p=0.0009

Geo

met

ric M

ean

Fold

Tite

r Ris

e (9

5% C

I)

13

45µg NanoFlu

180µg NanoFlu

IIV3-HD 45µg NanoFlu

180µg NanoFlu

IIV3-HD 45µg NanoFlu

180µg NanoFlu

IIV3-HD 45µg NanoFlu

180µg NanoFlu

IIV3-HD 45µg NanoFlu

180µg NanoFlu

IIV3-HD

A/Victoria H3N2 A/Texas H3N2 A/Switzerland H3N2 A/Hong Kong H3N2 A/Singapore H3N2

2.3

3.4

2.3 2.2

3

2.22.5

3.9

2.5

2.1

2.7

1.92.2

3.1

1.9

0

1

2

3

4

5

HAI antibody responses (GMFRs) against 5 generations of drifted wild-type A(H3N2) strains

Ratio of Day 21 GMTs38% ↑ p=0.0058

Ratio of Day 21 GMTs28% ↑ p=0.036

Ratio of Day 21 GMTs54% ↑ p=0.0065

Ratio of Day 21 GMTs47% ↑ p=0.0056

Ratio of Day 21 GMTs64% ↑ p=0.0009

Geo

met

ric M

ean

Fold

Tite

r Ris

e (9

5% C

I)

14

45µg NanoFlu

180µg NanoFlu

IIV3-HD 45µg NanoFlu

180µg NanoFlu

IIV3-HD 45µg NanoFlu

180µg NanoFlu

IIV3-HD 45µg NanoFlu

180µg NanoFlu

IIV3-HD 45µg NanoFlu

180µg NanoFlu

IIV3-HD

A/Victoria H3N2 A/Texas H3N2 A/Switzerland H3N2 A/Hong Kong H3N2 A/Singapore H3N2

A(H3N2) viruses currently circulating in North America

15

Neutralization antibody responses (GMTs) against wild-type vaccine-homologous strains (2017-18)

913

1,712

764

1,665

900

2,079

253

1,011

213

1,541

210

1,045

90 144 91 18177

213

0

500

1000

1500

2000

2500

3000

Day 0 Day 21 Day 0 Day 21 Day 0 Day 21 Day 0 Day 21 Day 0 Day 21 Day 0 Day 21 Day 0 Day 21 Day 0 Day 21 Day 0 Day 21

45µg NanoFlu 180µg NanoFlu IIV3-HD 45µg NanoFlu 180µg NanoFlu IIV3-HD 45µg NanoFlu 180µg NanoFlu IIV3-HD

A/HongKong H3N2 A/Michigan H1N1 B/Brisbane

Neutralization antibody responses (GMFRs) against wild-type vaccine-homologous strains (2017-18)

16

1.9 2.2 2.3

4.0

7.2

5.0

1.6 2.02.8

0.0

2.0

4.0

6.0

8.0

10.0

12.0

45µg NanoFlu 180µgNanoFlu

IIV3‐HD 45µg NanoFlu 180µgNanoFlu

IIV3‐HD 45µg NanoFlu 180µgNanoFlu

IIV3‐HD

A/HongKong H3N2 A/Michigan H1N1 B/Brisbane

Geo

metric

 Mean Fold Tite

r Rise (95%

 CI)

Neutralization antibody responses (GMFRs) against circulating wild-type H3N2 strains

17

2.1

2.82.5

1.92.2

2.3

2.8

3.5

2.1

0.0

1.0

2.0

3.0

4.0

5.0

45µg NanoFlu 180µgNanoFlu

IIV3‐HD 45µg NanoFlu 180µgNanoFlu

IIV3‐HD 45µg NanoFlu 180µgNanoFlu

IIV3‐HD

A/Switzerland H3N2 A/Hong Kong H3N2 A/Singapore‐NFIMH H3N2

Geo

metric

 Mean Fold Tite

r Rise (95%

 CI)

Vaccine Strain 2015-16Historic Drift Vaccine Strain 2016-17 and 17-18 Vaccine Strain 2018-19

Forward Drift

Ratio of Day 21 GMTs61% ↑ p=0.0002

Neutralization antibody responses (GMFRs) against egg-adapted vs. wild-type A/Singapore H3N2 viruses

Ratio of Day 21 GMTs61% ↑ p=0.0002

3.8 3.93.5

2.1

0.0

1.0

2.0

3.0

4.0

5.0

180µg NanoFlu IIV3‐HD 180µg NanoFlu IIV3‐HD

A/Singapore H3N2 (egg‐adapted) A/Singapore H3N2 (wild‐type)

18

Geo

met

ric M

ean

Fold

Tite

r Ris

e (9

5% C

I) Ratio of Day 21 GMTs61% ↑ p=0.0002

Nanoflu induced improved neutralization antibody responses (GMFRs) against wild-type vs. egg-adapted A/Singapore H3N2 viruses underscoring the problem of egg-adaptive mutations

Neutralization antibody responses against wild-type circulating viruses are the most clinically relevant

19

• Avoidance of egg-adaptive antigenic changes leads to substantial improvements in vaccine-homologous A(H3N2) HAI antibody responses

• Induction of immune responses against conserved HA head based epitopes expands cross-reactive HAI responses against a broad panel of A(H3N2) drift variants:

• 28-38% increase in HAI against distant historic drifted viruses (2012-13, 2014-15) • 54% increase in HAI against recent historic drifted viruses• 64% increase in HAI against forward drifted virus, A/Singapore

• Most substantial HAI antibody increases were observed against a “forward” drifted A(H3N2) virus, A/Singapore, offering a potential safeguard against the age-old problem of classical antigenic drift

• Broad cross-reactivity to antigenically diverse co-circulating A(H3N2) viruses ensures that “one size fits all” regardless of geography

• Next steps• Phase 2 in Fall 2018: quadrivalent formulation• Phase 3 anticipated in 2H 2019

Discussion

Playing catch-up and does “one strain fit all”? Rapid evolution and diversity of A(H3N2) viruses

20

Adapted from CDC Grand Rounds. January 18, 2018. https://www.cdc.gov/cdcgrandrounds/archives/2018/January2018.htm

20 CDC collaboration with NextFlu. Neher, Bedford et al.

Most common in Australia summer ‘17

2009 2010 2011 2012 2013 2014 2015 2016 2017

Epitope Changes

1 15Number of significant changes to important

regions of the hemagglutinin gene

= Vaccine Viruses

A/Singapore

A/Hong Kong

A/Switzerland

A/TexasA/Victoria

A/Perth

Most common in U.S. 17/18 season

Circulating H3N2 viruses present in 2017-18 Season

Playing catch-up and does “one strain fit all”? Nanoflu has the potential to provider broader protection

21

Adapted from CDC Grand Rounds. January 18, 2018. https://www.cdc.gov/cdcgrandrounds/archives/2018/January2018.htm

Most common in Australia summer ‘17

Most common in U.S. this season

2009 2010 2011 2012 2013 2014 2015 2016 2017

Epitope Changes

1 15Number of significant changes to important

regions of the hemagglutinin gene

= Vaccine Viruses

A/Singapore

A/Hong Kong

A/Switzerland

A/TexasA/Victoria

A/Perth

NanoFlu vaccine has potential to provide broader protection against antigenic drift

Circulating H3N2 viruses present in 2017-18 season

Thank you